William Specht, who co-founded Cousins Subs in 1972, has retired as the restaurant chain's top executive.

His daughter, Christine Specht-Palmert, has succeeded him as CEO.

Specht, 71, who started Cousins with, appropriately enough, his cousin — the late James Sheppard — remains with the company as chairman of the board.

Specht moved to Milwaukee from New Jersey in the late 1960s and was working for a lithographer when the company closed. He approached Sheppard about going into the restaurant business together, and the pair opened their first sub shop at N. 60th St. and W. Silver Spring Drive.

By the mid-'80s, when it began franchising, Cousins had more than 20 shops. The chain grew to about 170 outlets in the early 2000s but has shrunk in recent years. The Cousins website lists 111 stores, with two others scheduled to open soon.

About 80% of the shops are franchises, and all but six are in Wisconsin, where Cousins has long enjoyed a strong presence.

Specht-Palmert worked in the restaurants as a teenager and joined Cousins as human resources manager in 2001. She became president and chief operating officer in 2008 and for a time was the public face of the company's television advertising.

The firm actually consists of two closely knit companies, both based in the same offices in Menomonee Falls. Cousins Sub Systems Inc. is the franchising firm. Its affiliate, Cousins Submarines Inc., owns and operates about 20 of the sub shops.